A few players could see it as a short-term rebound, as they are cautious about any long-term rebound in the digital token market amid lingering inflation concerns and recession fears.
With the exception of Cardano, all other major crypto tokens were trading at slight discounts. However, losses have been capped in the majority of names. Among the worst performers, Avalanche fell 10%, while Solana and Shiba Inu fell as much as 6%.
The global cryptocurrency market capitalization was trading slightly lower at $1.31 trillion, falling about 1% in the past 24 hours. However, total cryptocurrency trading volume fell by around 5% to $86.43 billion.
Darshan Bathija, CEO and co-founder of Vauld, said that holding bitcoin above the $31,000 level is a positive sign. After 9 straight weeks of losses and oversold conditions, investors seem to be coming back, he said.
After the launch of the new LUNA token, the price fell by 80% within hours of being listed on small exchanges. Indeed, as soon as the tokens were airdropped, they sold them to recoup their losses, WazirX Trade Desk said.
“The biggest listing was on May 31 at Binance and we will see what the market sentiment is,” he added.
- Russia’s central bank is ready to allow the use of cryptocurrency for international payments, a senior bank official has said, in a sign of a possible softening of its opposition to digital currencies.
- The market for collectible sneakers has exploded in recent years. And until recently, so has the market for NFTs, or non-fungible tokens, which function as digital certificates of ownership for works of art as well as tattoo designs and virtual real estate.
- The Monetary Authority of Singapore, the republic’s central bank, is launching a pilot program alongside financial heavyweights DBS Bank, JPMorgan and Marketnode to explore use cases for digital assets in tokenization and decentralized finance.
- Crypto firms raised a record $30 billion in venture capital last year, and deal numbers in the sector remain high despite the recent fall in cryptocurrency markets, Morgan Stanley said in a statement. report.
- Terra’s new luna token rose 40% on Tuesday after the token was listed on the Binance cryptocurrency exchange.
Technical view by BuyUcoin cryptocurrency exchange
Bitcoin, the world’s oldest cryptocurrency, is showing strong signs of recovery after falling below $29,000 in the middle of last month. The crypto market saw a record influx of funds and the 24-hour trading volume of $96.68 billion underscores this statement.
The bulls have entered the market again, which could lead to a rally in crypto assets. It will be a buyer-dominated market over the next few weeks, which shows higher risk appetite among investors. Bitcoin is expected to reach its fair market value of $40,000 if the current trend continues, but may face resistance at $42,000.
(The opinions and recommendations given in this section are those of the analysts and do not represent those of ETMarkets.com. Please consult your financial advisor before taking a position in any assets mentioned.)
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Shiba Inu Prices: Top Cryptocurrency Prices Today: Avalanche, Shiba Inu, Solana And XRP Fall As Much As 11%
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